Last Friday, Andrew Left from Citron was on CNBC, as respected CNBC commentator Guy Adami asked, “Can the same argument (against the GBTC) be made with GLD for Gold??

His answer should make every GBTC investor slam the sell button.

While GBTC is trading between 70-90% above the NAV of its holdings, GLD is at .0028%! Yes, you are reading that correctly.

Here is a list of what other commodity trusts are trading: GBTC: 70-90%
(depending on whether Bitcoin cash is distributed as a dividend or not)

Instrument

Premium to NAV

SPY

0.0015%

GLD

0.0280%

IAU (ishares gold ETF)

0.0360%

SLV

0.0100%

PPLT (Platinum)

0.1340%

Paladium (Paladium)

0.0350%

FXB (British Pound ETF)

0.0190%

FXE (Euro ETF)

0.0250%

The Widow Maker

Unlike the other ETF’s, which are actually a rational way to own the underlying commodity, this should make any GBTC shareholder shit in their pants.

GBTC cannot even get insurance on their holdings, as per their last SEC filing, June 30, 2017.

As stated in the last SEC filing:

“We have been advised that our Custodian did not renew its insurance coverage. If our Custodian fails to adequately insure the bitcoins in its custody, this may negatively impact our ability to operate and an investment in the shares.”